Annual report pursuant to Section 13 and 15(d)

3. Revision of Financial Statement (Tables)

v3.8.0.1
3. Revision of Financial Statement (Tables)
12 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Revision of financial statements
    As of March 31, 2017  
BALANCE SHEETS (RECAST)   As previously reported     Recast     As recasted  
                   
ASSETS                  
Cash and cash equivalents   $ 51     $ 22,565     $ 22,616  
Restricted cash     8,534       4,215       12,749  
Trading securities     -       81,575       81,575  
Available-for-sale securities, at fair value     -       2       2  
Brokerage and other receivables, net     -       481       481  
Loans issued     -       65       65  
Deferred tax assets     -       1,026       1,026  
Fixed assets, net     2       1,094       1,096  
Goodwill     -       981       981  
Other assets, net     -       772       772  
TOTAL ASSETS   $ 8,587     $ 112,776     $ 121,363  
                         
LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT)                        
                         
Derivative liability   $ -     $ 495     $ 495  
Loans received     -       2       2  
Debt securities issued     -       3,459       3,459  
Customer liabilities     -       7,635       7,635  
Current income tax liability     -       149       149  
Trade payables     206       334       540  
Deferred distribution payments     8,534       -       8,534  
Securities repurchase agreement obligation     -       56,289       56,289  
Other liabilities     -       373       373  
TOTAL LIABILITIES     8,740       68,736       77,476  
                         
STOCKHOLDERS’ EQUITY/(DEFICIT)                        
                         
Preferred stock     -       -       -  
Common stock     280       (269 )     11  
Additional paid in capital     776       33,883       34,659  
Retained earnings/(Accumulated deficit)     (1,209 )     17,363       16,154  
Accumulated other comprehensive loss     -       (6,937 )     (6,937 )
TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT)     (153 )     44,040       43,887  
                         
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 8,587     $ 112,776     $ 121,363  

 

    For the year ended March 31, 2017  
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST)  

 

As previously reported

    Recast     As recasted  
                   
Revenue:                  
Fee and commission income   $ -     $ 4,090     $ 4,090  
Net gain on trading securities     -       10,806       10,806  
Interest income     4       2,002       2,006  
Net gain on derivatives     -       1,905       1,905  
Net realized gain on investments available for sale     -       276       276  
Net gain on sale of fixed assets     -       29       29  
Net gain on foreign exchange operations     -       274       274  
                         
TOTAL REVENUE, NET   $ 4     $ 19,382     $ 19,386  
                         
Expense:                        
Interest expense   $ -     $ 3,807     $ 3,807  
Fee and commission expense     -       346       346  
Operating expense     582       8,669       9,251  
Other expense, net     -       210       210  
                         
TOTAL EXPENSE   $ 582     $ 13,032     $ 13,614  
                         
NET INCOME/(LOSS) BEFORE INCOME TAX   $ (578 )   $ 6,350     $ 5,772  
                         
Income tax benefit     -       524       524  
                         
NET INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS   $ (578 )   $ 6,874     $ 6,296  
                         
Less: Net income attributable to noncontrolling interest in subsidiary     -       9       9  

NET INCOME/(LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

  $ (578 )   $ 6,865     $ 6,287  
                         
OTHER COMPREHENSIVE INCOME                        
Changes in unrealized gain on investments available-for-sale, net of tax effect   $ -     $ 7     $ 7  
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect     -       (276 )     (276 )
Foreign currency translation adjustments, net of tax     -       4,465       4,465  
COMPREHENSIVE INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS   $ (578 )   $ 11,070     $ 10,492  
                         
Less: Comprehensive income attributable to noncontrolling interest in subsidiary     -       9       9  
                         

COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

  $ (578 )   $ 11,061     $ 10,483